Solar Panel Cost Guide in Franklin, KY (2024 Update)
- Franklin Solar Installation Cost: $23,799
- 25-Year Savings: $12,302
- Payback Period: 21.6 Years
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Average Cost of Solar Panels in Franklin
Find out what the average cost of solar panels are in Franklin.
In Franklin, solar panels cost about 4 per watt on average.Since a 9.3-kW system is needed to cover the energy costs of a typical home in Franklin, the average price of going solar will be about $23,799 after claiming the federal solar tax credit of 0.
These figures are only estimates, and how much solar costs for you may look different based on your specific situation and what company you want to go with.With typical savings of about $12,000 on utility bills over 20 years, many homeowners in Franklin find installing solar panels can pay off big.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Franklin
| Year | Return on Investment |
|---|---|
| 1 years | $-22,258 |
| 3 years | $-19,178 |
| 5 years | $-16,097 |
| 7 years | $-13,017 |
| 9 years | $-9,936 |
| 11 years | $-6,855 |
| 13 years | $-3,775 |
| 15 years | $-694 |
| 17 years | $2,386 |
| 19 years | $5,467 |
| 21 years | $8,548 |
| 23 years | $11,628 |
| 25 years | $14,709 |
Top Solar Installers in Franklin
Installing solar panels yourself can be a challenging project, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Franklin
Factors that Affect Solar Panel Costs in Franklin
There are several factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of solar panels in Franklin, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.The kind of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Franklin, and each can charge different amounts for labor and equipment.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $1,809 | 22.5 years |
| 8 kW | $3.72 | $20,849 | $2,821 | 22.0 years |
| 10 kW | $3.65 | $25,550 | $4,037 | 21.6 years |
| 12 kW | $3.58 | $30,047 | $5,458 | 21.2 years |
| 14 kW | $3.50 | $34,339 | $7,083 | 20.7 years |
| 16 kW | $3.43 | $38,427 | $8,912 | 20.3 years |
| 18 kW | $3.36 | $42,311 | $10,946 | 19.9 years |
| 20 kW | $3.29 | $45,990 | $13,184 | 19.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: Before you sign a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Franklin, KY Solar Cost FAQs
How much does it cost to install solar panels in Franklin?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Franklin?
A solar panel system isn’t free in Franklin, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $591.74 per year.
How long do solar panels last in Franklin?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.